Short GBPCAD - Anticipating Dissappointing GBP News Flow
My statistical studies shows that GBP hard data release today is likely to be dissapointed. CAD will also have somewhat dissapointed data in my opinion, however relatively it will have the smallest "dissapoinment gap" amongst the Majors.
In addition, today we will have 2 speeches coming out from MPC Member Broadbent and the BOE Governor Carney, both of whom has sent the GBP lower during their previous speech.
Positioning wise: retails are shorting GBP with the most significant Short being GBPUSD and GBPJPY. For CAD, CAD is also net shorted with CADJPY the most shorted.
I am already in and I do intend to hold this trade all the way today unless stopped out. My SL is 1.676 and there is no major TP (some interested technical level would be 1.665 and 1.660). Of course I may adjust throughout the days as the news are released.
In addition, today we will have 2 speeches coming out from MPC Member Broadbent and the BOE Governor Carney, both of whom has sent the GBP lower during their previous speech.
Positioning wise: retails are shorting GBP with the most significant Short being GBPUSD and GBPJPY. For CAD, CAD is also net shorted with CADJPY the most shorted.
I am already in and I do intend to hold this trade all the way today unless stopped out. My SL is 1.676 and there is no major TP (some interested technical level would be 1.665 and 1.660). Of course I may adjust throughout the days as the news are released.